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Intraday trade: PKR inches up slightly against US dollar

Intraday trade: PKR inches up slightly against US dollar

Web Desk
May 02, 2025

KARACHI: The Pakistani rupee (PKR) made a modest gain against the US dollar (USD) on Friday, rising by 0.01 per cent during the early hours of interbank trading.

The local currency was valued at Rs280.93 against the dollar, an increase of four paisa from the previous day’s closing rate of Rs280.97. The currency market had been closed on Thursday due to the Labour Day holiday.

Over the course of the current fiscal year, the PKR has depreciated by Rs2.63 or 0.94 per cent against the USD, while it has fallen by Rs2.42 or 0.86 per cent since the start of 2025.

In global markets, the USD is set to record its third consecutive weekly gain, bolstered by better-than-expected economic data and signs of progress in trade negotiations between the US and some of its key partners.

This comes after a turbulent period last month, during which fears of a potential recession and uncertainty over President Donald Trump’s tariff policies led to declines in the dollar, US Treasury bonds, and stock markets.

In terms of the rupee’s performance against other major currencies, it showed a mixed trend. The local currency gained 4.66 paisa or 0.02 per cent against the US dollar on Wednesday, settling at Rs280.97, up from Rs281.02 the previous day.

It also appreciated slightly against several other currencies. The rupee rose by 0.44 paisa, or 0.01 per cent, to Rs74.91 against the Saudi Riyal, and strengthened by 1.98 paisa, or 0.05 per cent, to Rs38.68 against the Chinese Yuan.

Against the British Pound, the rupee appreciated by Rs1.14, or 0.30 per cent, closing at Rs376.08, while it gained 49.10 paisa, or 0.14 per cent, against the Swiss Franc, ending the day at Rs340.74.

The rupee also improved by 0.59 paisa, or 0.30 per cent, to Rs1.9682 against the Japanese Yen, and gained 1.26 paisa, or 0.02 per cent, to close at Rs76.50 against the UAE Dirham. Against the Euro, the rupee strengthened by 61.50 paisa, or 0.19 per cent, to Rs319.82.